only one of these Standards

Question $18$

$4$ pts

Pauly Pschorr, CFA, notices that a bond is priced at $98\mathrm{.}0$ in one market and $98\mathrm{.}4$ in another market. Pschorr places an order to buy a large number of these bonds in the first market and simultaneously places an order to sell the same number of bonds in the secondary market. The bond's price increases to $98\mathrm{.}2$ in the first market and decreases to $98\mathrm{.}2$ in the second market. Are Pschorr's trades a violation of the Code and Standards?

No

Yes, because they violated the Standard concerning fair dealing.

Yes, because they violated the Standard concerning market manipulation